CommentThe problems in Greece and the fallout if the country leaves the eurozone seemed foremost on investors’ minds.
If Greece leaves the common currency, it could touch off a deeper recession in Europe that would cut into oil demand.
"The markets are pricing in gloom," analysts wrote Monday in the Kilduff Report, an industry newsletter.
" The uncertainty is causing investors to leave assets like stocks and commodities and flock to safer bets like bonds.
Gas prices: Down and headed lowerLast week, the number of investors holding contracts that bet on rising oil prices declined 33%, according to Addison Armstrong, director of market research at the brokerage Tradition Energy.
"Trading risk is being reduced as uncertainty over Greece’s fate in the eurozone mounts," Armstrong said in research note Monday.
Crude prices have come down from almost $110 a barrel earlier this winter, dropping around 8% in the last few weeks alone.
The sell off was originally sparked after negotiations resumed with Iran over that country’s nuclear program.
The sell off has been good for drivers, as gasoline prices appear to have peaked earlier than normal.
Alan Whitehead is a business journalist based in Los Angeles, California. Alan has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Alan spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.